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Three ways to create Florida Medicaid eligibility for a married couple are:
Immediate Annuity: All the assets, except the amount the law allows the well
spouse to retain, are used to purchase an immediate, term certain, not life,
annuity for the well spouse. The annuity payment is counted as income to the
well spouse and the ill spouse is eligible for Medicaid. This is a good option
for the family who has certificates of deposit.
Raising the Community Spouse Resource Allowance: If the well spouse’s income is
less than the amount allowed by law (including their social security and
pension), they are allowed to keep assets which produce income to get their
monthly income up to the amount allowed by law. This option works well when the
husband is the ill spouse and the couple has assets less than $200,000.00 or so.
Just Say No: The well spouse can just refuse to pay for the care of the ill
spouse. If the ill spouse meets the rules for an individual to be eligible, then
the ill spouse is immediately eligible for Medicaid. This is an option to use in
second marriage situations.
There are other ways to create Medicaid eligibility for a single person.
There are also many other assets that do not count when determining eligibility
for Medicaid.
Each family’s situation is very different and must be individually analyzed.
Under current law, we can assist in legally rearranging the assets to make a
married person eligible for Medicaid almost immediately! With a single person,
most of the assets can be legally sheltered too.
Do not let your life savings be spent on long term care costs. Act now!
We specialize in Florida Medicaid and
Asset Protection Legal Services. |
